超微半導體 (AMD) 2016 Q1 法說會逐字稿

Greetings, and welcome to the Advanced Micro Devices first-quarter 2016 earnings conference call. (Operator Instructions) As a reminder, this is being recorded.

您好，歡迎參加 AMD 2016 年第一季財報電話會議。（操作員指示）提醒一下，這正在被記錄下來。

It is now my pleasure to introduce your host Ruth Cotter, Senior Vice President, Human Resources, Corporate Communications, and Investor Relations. Please go ahead, Ms. Cotter.

現在我很高興介紹主持人 Ruth Cotter，她是人力資源、企業傳播和投資者關係資深副總裁。請繼續，科特女士。

Thank you and welcome to AMD's first-quarter conference call. By now, you should have had the opportunity to review a copy of our earnings release and the CFO commentary in slides. If you have not reviewed these documents, they can be found on AMD's website at ir.amd.com.

感謝您並歡迎參加 AMD 第一季電話會議。現在，您應該已經有機會在幻燈片中查看我們的收益報告副本和財務長的評論。如果您尚未查看這些文檔，可以在 AMD 網站 ir.amd.com 上找到。

Participants on today's conference call are Lisa Su, our President and Chief Executive Officer, and Devinder Kumar, our Senior Vice President, Chief Financial Officer, and Treasurer. This is a live call and will be replayed via webcast on amd.com.

今天電話會議的參與者包括我們的總裁兼執行長 Lisa Su 和我們的高級副總裁、財務長兼財務主管 Devinder Kumar。這是一次現場通話，並將透過 amd.com 上的網路直播重播。

I would like to highlight a few dates for you. Devinder Kumar will present at the JPMorgan Global Technology, Media, and Telecom Conference on May 24 in Boston. And our second-quarter quiet time will begin at the close of business on Friday, June 17, 2016.

我想向你們重點介紹幾個日期。Devinder Kumar 將於 5 月 24 日在波士頓舉行的摩根大通全球技術、媒體和電信會議上發表演講。我們第二季的靜默期將於 2016 年 6 月 17 日星期五下班後開始。

Before we begin, let me remind everyone that first-quarter 2016 was a 13-week quarter for AMD and we expect to record our extra week in the fourth quarter of 2016. Today's discussion contains forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions, and expectations, speak only as of the current date, and as such involve risks and uncertainties that could cause actual results to differ materially from our current expectation.

在我們開始之前，請容許我提醒大家，2016 年第一季對 AMD 來說是一個 13 週的季度，我們預計在 2016 年第四季將記錄額外的一周。今天的討論包含基於我們目前所見環境的前瞻性陳述。這些聲明是基於當前的信念、假設和期望，僅代表當前日期的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。

Please note that we will be referring to non-GAAP figures during this call, except for revenue, which is on a GAAP basis. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the press release and CFO commentary posted on our website at quarterlyearnings.amd.com.

請注意，在本次電話會議中，我們將參考非 GAAP 數據，但收入除外，因為收入是基於 GAAP 計算的。所引用的非 GAAP 財務指標與我們網站 quarterlyearnings.amd.com 上發布的新聞稿和 CFO 評論中最直接可比較的 GAAP 財務指標進行了協調。

Please refer to the cautionary statements in today's earnings press release and CFO commentary for more information. You will also find detailed discussions about our risk factors and our filings with the SEC, and in particular AMD's annual report on Form 10-K for the year ended December 26, 2015.

請參閱今天的收益新聞稿和財務長評論中的警告聲明以獲取更多資訊。您還將找到有關我們的風險因素和向美國證券交易委員會 (SEC) 提交的文件的詳細討論，特別是 AMD 截至 2015 年 12 月 26 日的 10-K 表年度報告。

Now with that, I would like to hand the call over to Lisa. Lisa?

現在，我想把電話交給麗莎。麗莎？

Thank you, Ruth, and good afternoon to all those listening in today. Our strategy to improve our business by gaining share in the graphics and PC markets, growing our semi-custom business, and expanding into the data center market is progressing as planned. First-quarter revenue decreased in line with expectations to $832 million, driven largely by an anticipated reduction in semi-custom shipments.

謝謝你，露絲，祝今天收聽節目的各位下午好。我們的策略是透過在圖形和 PC 市場中獲取份額、發展半客製化業務以及擴展到資料中心市場來改善業務，該策略正在按計劃進行。第一季營收將按預期下降至 8.32 億美元，主要原因是預計半客製化出貨量將減少。

Looking at our computing and graphics segment, against the backdrop of one of the largest sequential Q4-to-Q1 declines in the PC industry and ongoing softness in the Chinese PC market, we continue to execute our multi-quarter plan to improve the financial performance of this part of our business.

縱觀我們的計算和圖形部門，在個人電腦行業第四季度與第一季環比下滑幅度最大以及中國個人電腦市場持續疲軟的背景下，我們繼續執行我們的多季度計劃，以改善該業務部分的財務業績。

Revenue decreased 2% sequentially, as improved notebook processor, desktop GPU, and professional graphics sales offset declines for our other PC products. We reduced our operating loss from the prior quarter, outperformed the PC market, and believe we regained processor and GPU share. Importantly, we accomplished this while maintaining our disciplined approach to managing inventory in the quarter, as our inventories with M&Cs and downstream channel partners were flat to slightly down sequentially.

由於筆記型電腦處理器、桌上型 GPU 和專業顯示卡銷量的提升抵消了其他 PC 產品的下滑，營收季減 2%。我們減少了上一季的營運虧損，表現優於個人電腦市場，並相信我們重新獲得了處理器和 GPU 的份額。重要的是，我們實現了這一目標，同時在本季度保持了嚴謹的庫存管理方法，因為我們與 M&C 和下游通路合作夥伴的庫存環比持平或略有下降。

We had our second straight quarter of double-digit sequential percentage growth in mobile APU sales. We began shipping our seventh-generation Bristol Ridge APUs in March, and have secured new design wins that continue our expansion into more premium notebook offerings, including HP's new Envy x360 convertible notebook. Compared to our previous-generation 15-watt APU mobile offering, Bristol Ridge delivered a 20% improvement in our already industry-leading graphics performance and up to 20% CPU performance uplift.

我們的行動 APU 銷量連續第二季實現兩位數的環比成長。我們於 3 月開始發售第七代 Bristol Ridge APU，並獲得了新的設計勝利，繼續擴展到更高端的筆記型電腦產品，包括 HP 的新 Envy x360 可轉換筆記型電腦。與我們上一代 15 瓦 APU 行動產品相比，Bristol Ridge 將我們已經處於業界領先的圖形效能提高了 20%，並將 CPU 效能提高了 20%。

In graphics, we delivered a strong sequential double-digit percentage increase in desktop discrete unit shipments, largely driven by increased sales of our Radeon 300 series GPUs in the channel. Our investments in graphics and our focus on creating industry-leading drivers and software are starting to pay off. We have delivered seven new graphics drivers releases in the first quarter alone, not only improving the performance and user experience of our GPUs, but also adding support for new AAA game titles and features like our innovative XConnect external GPU technology.

在圖形方面，我們的桌上型電腦獨立單元出貨量實現了強勁的兩位數連續成長，這主要得益於我們 Radeon 300 系列 GPU 在通路中的銷售成長。我們對圖形的投資以及對創建行業領先的驅動程式和軟體的關注開始獲得回報。僅在第一季度，我們就發布了 7 個新的圖形驅動程式版本，不僅提高了我們的 GPU 的效能和用戶體驗，還增加了對新的 AAA 遊戲和創新的 XConnect 外部 GPU 技術等功能的支援。

We expect to grow our investment in graphics throughout the year as we further update our graphics software and extend our leadership in Direct X12 gaming and VR. We believe VR will be a key long-term demand driver for AMD across both our consumer and professional graphics offerings, especially as content creators require more powerful GPUs to create fully immersive VR experiences.

隨著我們進一步更新圖形軟體並擴大我們在 Direct X12 遊戲和 VR 領域的領導地位，我們預計全年將在圖形方面增加投資。我們相信 VR 將成為 AMD 消費級和專業級圖形產品的主要長期需求驅動力，特別是當內容創作者需要更強大的 GPU 來創造完全沉浸式的 VR 體驗時。

To capitalize on this trend, I am proud to share that we plan to launch the industry's most powerful platform for VR creation and consumption at the end of this month, when we introduce the $1,500 Radeon Pro Duo.

為了利用這個趨勢，我很自豪地告訴大家，我們計劃在本月底推出業界最強大的 VR 創作和消費平台，屆時我們將推出售價 1,500 美元的 Radeon Pro Duo。

We remain on track to introduce our new 14 nanometer FinFET-based Polaris GPUs midyear. Polaris delivers double the performance per watt of our current mainstream offerings, which we believe provides us with significant opportunities to gain share.

我們仍計劃於年中推出基於 14 奈米 FinFET 的全新 Polaris GPU。Polaris 的每瓦性能是我們當前主流產品的兩倍，我們相信這為我們贏得了巨大的市場份額。

Now, turning to our enterprise embedded and semi-custom segment. Revenue declined 24% sequentially due to lower semi-custom sales. Based on our current visibility, we expect semi-custom unit shipments and revenue to grow on an annual basis based on strong demand for game consoles and the ramp of our previously announced new business in the second half of the year.

現在，轉向我們的企業嵌入式和半客製化部分。由於半定制銷售額下降，收入環比下降 24%。根據我們目前的預測，由於遊戲機需求強勁以及我們先前宣布的下半年新業務的成長，我們預計半客製化單位出貨量和收入將逐年成長。

In embedded, we secured new designs across our target markets. Highlights from the quarter include our first significant CPU design win with one of the leading network infrastructure providers.

在嵌入式領域，我們在目標市場獲得了新的設計。本季度的亮點包括我們與一家領先的網路基礎設施供應商首次贏得重要的 CPU 設計合約。

I am also pleased to share that we are making excellent progress on our strategy to reestablish our presence in the data center market as we successfully passed several key milestones related to our next-generation Zen-based server processor. The Zen silicon running in our bring-up labs is meeting our expectations, and priority customer sampling is on track to begin this quarter in advance of data center system availability in 2017.

我也很高興地告訴大家，我們在重建資料中心市場地位的策略上取得了巨大進展，因為我們成功地通過了與下一代基於 Zen 的伺服器處理器相關的幾個關鍵里程碑。我們的啟動實驗室中運行的 Zen 矽片滿足了我們的預期，優先客戶樣品將於本季開始，並於 2017 年資料中心系統投入使用之前開始。

Our EESC results in the quarter also benefited from the latest step in our strategic IP monetization efforts. As we've disclosed earlier today, we have licensed high-performance microprocessor technologies to a newly created JV we formed with THATIC. The JV will develop SoCs tailored to the Chinese server market. The $293 million licensing agreement is a great example of how our IP monetization efforts can accelerate the adoption of AMD technologies in key markets while also strengthening our balance sheet and financial results.

本季我們的 EESC 業績也受惠於我們策略 IP 貨幣化努力的最新舉措。正如我們今天早些時候所揭露的那樣，我們已將高性能微處理器技術授權給我們與 THATIC 組成的新合資企業。該合資公司將開發適合中國伺服器市場的 SoC。這項價值 2.93 億美元的授權協議就是一個很好的例子，它表明我們的 IP 貨幣化努力可以加速 AMD 技術在主要市場的採用，同時也能增強我們的資產負債表和財務表現。

Today's announcement is a key part of our overall strategy to reenter the data center market, with the JV providing AMD with a differentiated approach to gain share in the fastest-growing regional server market.

今天的公告是我們重新進入資料中心市場整體策略的重要組成部分，合資企業為 AMD 提供了一種差異化的方法，以在成長最快的區域伺服器市場中贏得份額。

In closing, we are making steady progress on the clear strategy we have developed to return AMD to growth and profitability through delivering great products. We are executing well to our product and technology roadmaps, including the introduction of our seventh-generation APUs, our midyear launch of new Polaris GPUs, and our future Zen-based processors.

最後，我們正在穩步推進我們制定的明確策略，透過提供優質的產品讓 AMD 恢復成長和獲利。我們正在順利執行我們的產品和技術路線圖，包括推出第七代 APU、年中推出新的 Polaris GPU 以及未來基於 Zen 的處理器。

As we enter into the second quarter, we see strong demand for our semi-custom and graphics products, which we believe will lead to stronger-than-seasonal sequential revenue growth. For the full year, we are confident that our product portfolio and business execution can further strengthen our financial results and enable us to grow annual revenue and return to non-GAAP operating profitability in the second half of the year.

進入第二季度，我們看到對半客製化和圖形產品的強勁需求，我們相信這將帶來比季節性更強勁的連續收入成長。對於全年而言，我們有信心，我們的產品組合和業務執行能夠進一步增強我們的財務業績，並使我們能夠在下半年增加年收入並恢復非公認會計準則的營業盈利能力。

Longer term, we expect the strong customer interest in AMD's data center offerings will result in new design wins that can deliver profitable revenue growth in 2017 and beyond.

從長遠來看，我們預期客戶對 AMD 資料中心產品的濃厚興趣將帶來新的設計勝利，從而在 2017 年及以後帶來獲利收入成長。

Now, I would like to turn the call over to Devinder to provide some additional color on our first-quarter financial performance.

現在，我想將電話轉給 Devinder，讓他為我們第一季的財務表現提供一些額外的資訊。

Thank you, Lisa, and good afternoon, everyone. From a financial perspective, the first quarter came in as expected. We continued funding our roadmap products and also made progress on our IP monetization strategy with the execution of a licensing agreement that is expected to generate $293 million of cash before tax, contingent upon achieving certain milestones.

謝謝你，麗莎，大家午安。從財務角度來看，第一季業績符合預期。我們繼續為我們的路線圖產品提供資金，並透過執行許可協議在我們的 IP 貨幣化策略上取得了進展，該協議預計將產生 2.93 億美元的稅前現金，但前提是實現某些里程碑。

Let me review the results for the first quarter. As a reminder, our first fiscal quarter was a 13-week quarter. Revenue was $832 million, down 13% sequentially, driven primarily by lower sales of semi-custom SoCs. The year-over-year decline was 19% due primarily to lower sales of semi-custom SoCs and client notebook processors.

讓我回顧一下第一季的業績。提醒一下，我們的第一個財政季度是一個 13 週的季度。營收為 8.32 億美元，季減 13%，主要原因是半客製化 SoC 銷量下降。與去年同期相比，下降了 19%，主要原因是半客製化 SoC 和客戶端筆記型電腦處理器的銷量下降。

Gross margin was 32%, a 2 percentage point improvement from the prior quarter due primarily to a more favorable product mix and a mix of revenue between the business segments. Operating expenses were $332 million, up $9 million from the prior quarter, primarily due to increased R&D expenses related to new products, partially offset by lower SG&A expenses. Operating expenses were $12 million higher than guided, primarily due to the timing of mass and hardware for our new products and some incremental investments in graphics.

毛利率為 32%，較上一季提高 2 個百分點，主要由於產品組合更加有利以及業務部門之間的收入組合更加合理。營運費用為 3.32 億美元，較上一季增加 900 萬美元，主要原因是新產品相關研發費用增加，但銷售、一般及行政費用降低部分抵銷了這一影響。營運費用比預期高出 1200 萬美元，主要原因是我們新產品的大規模和硬體時機以及對圖形的一些增量投資。

Operating loss was $55 million and net loss was $96 million, with loss per share of $0.12, calculated using 793 million shares. We recognized a $7 million licensing gain associated with our IP monetization efforts in the quarter.

營業虧損為 5,500 萬美元，淨虧損為 9,600 萬美元，每股虧損為 0.12 美元，以 7.93 億股計算。我們在本季確認了與 IP 貨幣化工作相關的 700 萬美元授權收益。

Net interest, other expense, and taxes were $41 million in the quarter, down from $53 million in the prior quarter, primarily due to a $13 million tax settlement in Q4 2015, which was included in the GAAP results. Adjusted EBITDA was negative $22 million compared to negative $5 million in the prior quarter.

本季淨利息、其他費用及稅金為 4,100 萬美元，低於上一季的 5,300 萬美元，主要原因是 2015 年第四季的 1,300 萬美元稅務結算已計入 GAAP 結果。調整後的 EBITDA 為負 2,200 萬美元，而上一季為負 500 萬美元。

Now turning to the business segments. Computing and graphics revenue was $460 million, down 2% from the prior quarter, primarily due to lower desktop processor sales. Computing and graphics segment operating loss was $70 million compared to $99 million the prior quarter, primarily due to decreased operating expenses.

現在轉向業務部門。計算和圖形收入為 4.6 億美元，較上一季下降 2%，主要原因是桌上型電腦處理器銷量下降。計算和圖形部門的營運虧損為 7,000 萬美元，而上一季的營運虧損為 9,900 萬美元，主要原因是營運費用減少。

Enterprise, embedded, and semi-custom revenue was $372 million, down 24% from the prior quarter, primarily due to lower sales of our semi-custom SoCs. The operating income of this segment was $16 million, down from $59 million the prior quarter, driven primarily by lower revenue and higher R&D expenses, partially offset by the IP licensing gains.

企業、嵌入式和半客製化收入為 3.72 億美元，較上一季下降 24%，主要原因是我們的半客製化 SoC 銷量下降。該部門的營業收入為 1,600 萬美元，低於上一季的 5,900 萬美元，主要原因是收入下降和研發費用增加，但被知識產權許可收益部分抵消。

Turning to the balance sheet, our cash and cash equivalents totaled $716 million at the end of the quarter, down $69 million from the end of the prior quarter, primarily due to lower sales and higher debt interest payments of $69 million in Q1. Additionally, our Q1 results include $52 million net of taxes received from our IP licensing agreement. Inventory was $675 million, down $3 million from the end of the prior quarter.

談到資產負債表，本季末我們的現金和現金等價物總額為 7.16 億美元，比上一季末減少 6,900 萬美元，主要原因是第一季銷售額下降和債務利息支付增加 6,900 萬美元。此外，我們的第一季業績還包括從智慧財產權授權協議中獲得的 5,200 萬美元的稅後淨額。庫存為 6.75 億美元，比上一季末減少 300 萬美元。

Total wafer purchases from GLOBALFOUNDRIES in the first quarter were $183 million, including $155 million related to the 2015 WSA amendment taken in Q1 2016. Debt as of the end of the quarter was $2.24 billion, flat from the end of the prior quarter, including total borrowings of $230 million on our secured revolving line of credit, unchanged from the prior quarter. Free cash flow in the first quarter was negative $68 million compared to a positive $27 million in the fourth quarter of 2015.

第一季從格芯採購的晶圓總額為 1.83 億美元，其中包括與 2016 年第一季實施的 2015 年 WSA 修正案相關的 1.55 億美元。截至本季末的債務為 22.4 億美元，與上一季末持平，其中包括我們擔保循環信貸額度上的總借款 2.3 億美元，與上一季持平。第一季的自由現金流為負 6,800 萬美元，而 2015 年第四季的自由現金流為正 2,700 萬美元。

Before providing our outlook for the second quarter, let me provide an update on our ATMP joint venture with Nantong Fujitsu Microelectronics. Earlier this month, NFME's shareholders approved the transaction and we are currently in the final stages of obtaining regulatory approvals and expect to close the transaction this quarter.

在提供第二季的展望之前，請容許我先介紹我們與南通富​​士通微電子的 ATMP 合資企業的最新情況。本月初，NFME 的股東批准了該交易，我們目前正處於獲得監管部門批准的最後階段，預計將於本季完成交易。

Now turning to our outlook, which is based on a 13-fiscal-week quarter. For the second quarter of 2016, we expect revenue to increase 15% sequentially, plus or minus 3%, driven by a strong demand for our semi-custom and graphics products.; non-GAAP gross margin to be approximately 31%; non-GAAP operating expenses to be approximately $335 million; IP monetization licensing gain to be approximately $25 million; non-GAAP interest expense, taxes, and other to be approximately $45 million, including approximately $3 million of taxes related to the IP licensing game; cash and cash equivalents to be approximately $950 million, including approximately $320 million related to our ATMP joint venture; inventory to be up slightly from first-quarter levels.

現在談談我們的展望，它基於 13 個財政週的季度。對於 2016 年第二季度，我們預計營收將環比成長 15%，上下浮動 3%，這得益於我們半客製化和圖形產品的強勁需求。非公認會計準則毛利率約為31%；非公認會計準則營運費用約為 3.35 億美元； IP貨幣化授權收益約為2,500萬美元；非公認會計準則利息支出、稅金及其他約為 4,500 萬美元，其中包括與智慧財產權許可遊戲相關的約 300 萬美元稅金；億美元；庫存較第一季水準略有上升。

For the full-year 2016, we continue to expect revenue to grow year over year, to be non-GAAP operating profitable in the second half of 2016, and to generate positive free cash flow from operations for 2016. Also, we now expect non-GAAP operating expenses to be between $330 million and $350 million per quarter; IP monetization licensing gain of approximately $52 million, with $7 million already recognized in Q1 2016; and capital expenditures of approximately $80 million. For the rest the full-year 2016 outlook, please refer to the written CFO commentary document posted on amd.com.

對於 2016 年全年，我們繼續預期營收將年增，2016 年下半年實現非 GAAP 營運獲利，並在 2016 年產生正的營運自由現金流。此外，我們現在預計非 GAAP 營運費用每季將在 3.3 億美元至 3.5 億美元之間； IP 貨幣化許可收益約為 5,200 萬美元，其中 700 萬美元已於 2016 年第一季確認；以及約 8,000 萬美元的資本支出。有關 2016 年全年其他展望，請參閱 amd.com 上發布的 CFO 書面評論文件。

In closing, we continue to strengthen AMD's core business while leveraging our IP and technology. As we look to the rest of the year, we are focused on introducing compelling new products, regaining market share, and improving our financial performance.

最後，我們將繼續加強 AMD 的核心業務，同時利用我們的智慧財產權和技術。展望今年剩餘時間，我們將專注於推出引人注目的新產品、重新奪回市場份額並提高財務表現。

With that, I will turn it back to Ruth. Ruth?

說完這些，我就把話題轉回露絲。露絲？

Thank you, Devinder. Operator, we would be very happy for you to poll the audience for questions, please.

謝謝你，Devinder。接線員，我們非常樂意您向觀眾提問。

(Operator Instructions) Mark Lipacis, Jefferies.

（操作員指示）Mark Lipacis，Jefferies。

Thanks for taking my question. I guess this is one of the most exciting developments that we've heard about in awhile, the license agreement. And I was hoping that you could maybe provide some more color on that.

感謝您回答我的問題。我想這是我們最近聽到的最令人興奮的進展之一，即許可協議。我希望您能對此提供更多說明。

Could you help us understand, maybe just go back in time and just explain the cross-license agreement that you have with Intel? What should investors understand about that and assessing any kind of a risk associated with this IP agreement? Do you need to get -- do you check in -- do you tell Intel that this is going on, did you get clearance from them, or is this something that you just kind of run with?

您能否幫助我們理解，也許只是回顧一下並解釋一下您與英特爾簽訂的交叉許可協議？投資者應該對此了解什麼以及如何評估與該知識產權協議相關的任何風險？您是否需要 - 您是否進行登記 - 您是否告訴英特爾正在發生這種情況，您是否獲得了他們的許可，或者這只是您自己處理的事情？

And when do you -- do you have to wait for like regulatory approval to get this through? Or -- how should we think about timing and milestones? That is a lot of questions. I will stop there. Thank you.

什麼時候需要等待監管部門的批准才能通過？或者──我們應該如何考慮時間和里程碑？有很多問題。我就講到這裡。謝謝。

Okay, Mark. This is Lisa. Thank you for your question. Regarding the JV that we just announced, yes, we are very excited about it, partnering with THATIC, and really focusing on the Chinese market for server processors.

好的，馬克。這是麗莎。感謝您的提問。關於我們剛剛宣布的合資企業，是的，我們對此感到非常興奮，與 THATIC 合作，並真正專注於中國伺服器處理器市場。

What we are licensing in this agreement is microprocessor technologies and system-on-chip technologies, all of the technologies, licensed our AMD technologies. So there are no encumbrances from that standpoint.

我們在本協議中授權的是微處理器技術和系統單晶片技術，所有這些技術都是授權給我們的 AMD 技術。因此從這個角度來看，不存在任何障礙。

We have closed on the deal and we are starting execution of the deal. So we've talked about, from a financial standpoint, there is a $293 million licensing payment over a number of years. What we expect is the first payment we received in the first quarter of $50 million-ish, and we expect that over the first two years that about half of the licensing payments would be paid upon completion of some development milestones.

我們已經完成交易並開始執行交易。因此，我們從財務角度討論過，幾年內需要支付 2.93 億美元的許可費。我們預計第一季收到的第一筆付款約為 5000 萬美元，我們預計在前兩年內，大約一半的許可付款將在完成一些開發里程碑後支付。

So overall for us, I've talked about IP monetization in a very broad sense. For us, that includes patents as well as technology licensing. This one is very positive for us, not just from the standpoint that it leverages our IP, but it also gives us a very key partner in the Chinese market, which we all believe is going to be very, very important for data center growth going forward. So hopefully I addressed your questions there.

所以總的來說，我已經從非常廣泛的意義上討論了 IP 貨幣化。對我們來說，這包括專利以及技術許可。這對我們來說非常有利，不僅因為它利用了我們的智慧財產權，而且還為我們在中國市場提供了一個非常關鍵的合作夥伴，我們都相信這對未來資料中心的成長將非常非常重要。希望我能夠解答您的問題。

Yes, and if I may, just one quick follow-up. Are you of the view that you just can go and hit the ground running? I guess you do, because you are expecting a $50 million payment right away. But do you feel that -- is there any risk in the regulatory front on this deal? Thank you.

是的，如果可以的話，我只想快速跟進。您是否認為您可以立即開始工作？我想你會的，因為你期望立即獲得 5000 萬美元的付款。但是您是否覺得這筆交易在監管方面有風險？謝謝。

We don't expect any risk on the regulatory front. We believe that the technologies that we are licensing are compliant with all of the regulations -- the US regulatory issues. And I would also say that the joint venture is starting and we do believe that we will execute quickly.

我們預計監管方面不會有任何風險。我們相信，我們所授權的技術符合所有法規—美國的監管問題。我還想說，合資企業正在啟動，我們確實相信我們會迅速執行。

Thank you very much.

非常感謝。

David Wong, Wells Fargo.

富國銀行的 David Wong。

Could you give us some idea? You called out your sequential growth guidance was in part due to graphics. Are you able to give us any feel for what sequential growth in graphics your guidance assumes?

您能給我們一些想法嗎？您指出，連續成長預期部分歸功於圖形。您能否讓我們感受到您的指導所假設的圖形的連續成長？

And what products are driving the sequential growth? Does this come from Polaris? Or do Polaris revenues start after the June quarter?

哪些產品推動了連續成長？這是來自北極星的嗎？或者 Polaris 的收入從六月季度之後開始？

Yes. So David, our sequential guidance, as we mentioned, is due to both semi-custom and graphics. I would say it is more heavily weighted on semi-custom.

是的。因此，正如我們所提到的，大衛，我們的連續指導是由於半定制和圖形。我想說的是，半定制佔比更大。

But if you look at our graphics progression over the last couple of quarters, even though Q1 is normally a weaker market than Q4, we grew units overall in the desktop graphics business. So we believe that was on some of the strength of some of our new software work and our work with the ecosystem.

但如果你看一下我們過去幾個季度的圖形進展，儘管第一季的市場通常比第四季度弱，但我們在桌面圖形業務方面的整體銷量還是有所增長。因此，我們相信這是我們的一些新軟體工作以及我們與生態系統合作的優勢之一。

So going into the second quarter, again, we believe that we have an opportunity in graphics to drive some volume. Polaris is on track to launch in the middle of the year and we will expect that will drive -- further strengthen the second half.

因此，進入第二季度，我們再次相信我們有機會在圖形方面推動一些銷售。Polaris 預計將於今年年中推出，我們預計這將進一步推動下半年的發展。

Okay, great. And just a clarification. You mentioned $53 million license gain, but if I understand correctly, your guidance is for $25 million in the second quarter. Is that part of that $53 million? Or is that something different?

好的，太好了。只是澄清一下。您提到了 5300 萬美元的許可收益，但如果我理解正確的話，您的預期是第二季獲得 2500 萬美元。這是 5300 萬美元的一部分嗎？或者說這有什麼不同？

David, I can take that. So the total proceeds in the Q1 time frame are $57 million, but there are some taxes related to that. So the net cash [will result] $52 million. We recognized $7 million in Q1 of 2016. We are recognizing $25 million in Q2, and then the rest of it will be over the second half of 2016, which is the balance, $20 million.

大衛，我可以接受。因此，第一季的總收益為 5700 萬美元，但其中涉及一些稅費。因此淨現金將達到 5,200 萬美元。我們在 2016 年第一季確認了 700 萬美元。我們在第二季確認了 2,500 萬美元，剩餘部分將在 2016 年下半年確認，即餘額 2,000 萬美元。

Great, thank you.

太好了，謝謝。

Hans Mosesmann, Raymond James.

漢斯摩西曼、雷蒙詹姆斯。

Can you give us a sense on Zen, based on you're hitting all your performance milestones, what part of the server market are you addressing? What's the size of the opportunity? And I am assuming that you can go after both enterprise and data center because it is an x86. Thanks.

能否向我們介紹一下 Zen？基於您實現的所有效能里程碑，您針對的是伺服器市場的哪個部分？這個機會有多大？我假設您可以同時追求企業和資料中心，因為它是 x86。謝謝。

Yes. We are pleased with the progress on Zen. Obviously, there are lots of engineering milestones to pass, but a key one is that we are on track to sample to our priority customers in the second quarter.

是的。我們對 Zen 的進展感到滿意。顯然，還有很多工程里程碑需要實現，但關鍵的一點是，我們預計在第二季向優先客戶提供樣品。

In terms of the markets that we can address, yes, we do believe that Zen has broad applicability across enterprise and data center. And we will continue to work with both OEMs and ODMs to ensure that they have the right boards and platforms for our products.

就我們可以針對的市場而言，是的，我們確實相信 Zen 在企業和資料中心具有廣泛的適用性。我們將繼續與 OEM 和 ODM 合作，確保他們擁有適合我們產品的主機板和平台。

Okay, thank you.

好的，謝謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I wonder if you could talk a little bit about how the JV is going to be set up over time. Will you compete with them with standard products within China, or is there some kind of dividing of the market? And will they be manufacturing the products through their own foundry relationships or will you be delivering them manufactured product?

我想知道您是否可以稍微談談合資企業的建立計劃。你們會在中國用標準產品與他們競爭嗎？或是否存在某種市場劃分？他們會透過自己的代工廠關係來製造產品嗎？還是您會提供他們製造的產品？

Okay, so the way to think about it is the JV roadmap will be a complementary roadmap to our own server roadmap, so we think there will be enough differentiation. But taken as a whole, it will be a compelling roadmap.

好的，所以我們要考慮的是，合資路線圖將是我們自己的伺服器路線圖的補充路線圖，所以我們認為會有足夠的差異化。但從整體來看，這將是一份引人注目的路線圖。

In terms of foundries, I think we are not ready to talk about foundries. But we will update more about the products as we get further into the execution.

就代工廠而言，我認為我們還沒有準備好談論代工廠。但隨著執行的進一步深入，我們將更新更多有關產品的資訊。

Okay. And will the monetization of this over time -- I mean, you mentioned that there is a royalty component as well. Will most of the monetization come from the licensing? Or do you think the royalty portion could be of similar size down the road?

好的。隨著時間的推移，它是否會實現貨幣化——我的意思是，你提到其中也包含版稅部分。大部分的貨幣化收入是否來自於授權？或者您認為將來版稅份額可能會保持類似的規模？

I would say that it is probably a bit early to call that. The licensing payment is well understood. The royalties will come over time, depending on the strength of the products and the number of products that are being done.

我想說，現在這麼說可能還太早。許可證費用是很好理解的。版稅將隨著時間的推移而增加，取決於產品的強度和正在生產的產品數量。

Okay. Thank you very much.

好的。非常感謝。

Ian Ing, MKM Partners.

Ian Ing，MKM Partners。

First question on the server JV. Your products are going to go up against [decent incumbency] in the China server market, so how advantaged do you think this JV will be in terms of perhaps being a locally sourced product? Are there other advantages that this JV would bring to the table to address the incumbency?

關於伺服器 JV 的第一個問題。你們的產品將與中國伺服器市場的現有企業競爭，那麼你們認為這家合資企業在本地採購產品方面有多大優勢？該合資企業還能帶來其他優勢來解決現有問題嗎？

I think we believe that there is a large opportunity in the data center market across the board. That is why we are investing so much in Zen and its follow ons. As it relates to the China JV that we are doing with THATIC, I think there is a -- certainly a benefit to having someone local that has experience in the market and knowledge of the market. And THATIC is an investment consortium that is partially led by the Chinese Academy of Sciences.

我認為我們相信整個資料中心市場都存在著巨大的機會。這就是我們對禪宗及其後續產品投入如此多的原因。就我們與 THATIC 在中國成立的合資企業而言，我認為，聘請一位具有市場經驗和市場知識的當地人肯定是有好處的。THATIC是一個由中科院部分主導的投資財團。

So we think that both from a technical and a commercial standpoint, they will be a value-added partner in this joint venture.

因此，我們認為，無論從技術角度或商業角度來看，他們都將成為該合資企業的增值合作夥伴。

Thanks. And for my follow-up, for your June guidance, you are getting some strength in from this new semi-custom ramp. How sustained should we think that ramp to be? And is it a seasonal ramp? Does it come back every year? Any granularity would help. Thanks.

謝謝。就我的後續情況而言，對於您六月的指導，您將從這個新的半客製化坡道中獲得一些力量。我們認為這種成長趨勢能持續多久？這是季節性的成長嗎？它每年都會回來嗎？任何粒度都會有幫助。謝謝。

As it relates to our guidance for the second quarter and then the full year, if you think about the semi-custom business in the last few years, the third quarter is always the peak. And it will be the peak this year as well. We are starting some of the ramp in the second quarter as we build up to the stronger third quarter.

因為它與我們對第二季和全年的指導有關，如果你想想過去幾年的半客製化業務，第三季總是高峰。今年也將達到頂峰。我們在第二季開始了一些成長，為更強勁的第三季做準備。

But overall, I think we feel good about the semi-custom business. The business overall will grow year on year as a result of the product momentum we have.

但總體而言，我認為我們對半客製化業務感覺良好。由於我們的產品勢頭強勁，整體業務將逐年成長。

Okay, thanks. I will re-queue.

好的，謝謝。我會重新排隊。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

This is Shankar on behalf of Vivek. I have a question on the gross margins. Given the strong growth in Q2, why isn't the gross margin growing? And longer term, what are the levers behind the gross margin? Can it grow from 32% to 35%, 40%, and what do you have to do get there?

我是代表 Vivek 的 Shankar。我對毛利率有疑問。鑑於第二季的強勁成長，為什麼毛利率沒有成長？從長遠來看，毛利率背後的槓桿是什麼？它能否從 32% 成長到 35%、40%？要達到這個目標你需要做什麼？

I think if you look at the business in particular, as I said even in my prepared remarks, you have gross margin levers. But one of the things that obviously comes into play is the mix of business between the semi-custom business or the EESC business, and then the CG business. So that obviously comes in play, as Lisa said.

我認為，如果你特別關注業務，正如我在準備好的演講中所說的那樣，你就有毛利率槓桿。但顯然發揮作用的因素之一是半客製化業務或 EESC 業務與 CG 業務之間的業務組合。正如麗莎所說，這顯然起了作用。

We have the growth with our guidance for revenue in Q2, and it is weighted towards the semi-custom business in addition to the growth that we are seeing in graphics. And that is primarily what is driving the guidance at 31% as compared to where we came in in Q1 at the 32% level.

我們對第二季的營收預期有所成長，除了圖形方面的成長外，半客製化業務也取得了成長。這就是我們預期成長率為 31% 的主要原因，而第一季的成長率為 32%。

And then as far as the levels going on from there, I think it partly is a mix of the business overall from a viewpoint of the semi-custom business and other businesses. But also the continuing investment we are making in the roadmaps, as you see from our OpEx guidance for the rest of the year, as we want to go ahead and invest in products, in graphics, and other areas that will help us improve the gross margin. And then getting into later on when the Zen product is introduced, having even higher gross margin compared to where we are today.

至於從那裡開始的層面，我認為從半客製化業務和其他業務的角度來看，這在一定程度上是整體業務的混合。而且，正如您從我們今年剩餘時間的營運支出指導中看到的那樣，我們還在繼續對路線圖進行投資，因為我們希望繼續投資於產品、圖形和其他有助於我們提高毛利率的領域。然後，當 Zen 產品推出時，我們的毛利率將比現在更高。

Got it, thanks. As a follow-up on the semi-custom side, the -- didn't some embedded revenue will likely come in in the second half? Like you guided before -- $1 billion of total revenue spread over, I think, three years. How much of the second-half growth in semi-custom comes from embedded versus semi-custom?

明白了，謝謝。作為半客製化的後續行動，下半年可能不會出現一些嵌入式收入嗎？就像您之前指導的那樣——我認為，總收入 10 億美元將分佈在三年內。下半年半客製化產品的成長有多少來自嵌入式，有多少來自半客製化？

So maybe let me give you some explanation on that. So the semi-custom, if you -- just to recap on what we've said about the semi-custom designs in the past, we have a total of three design wins that have a lifetime revenue of about -- let's call it $1.5 billion or greater. And that will come across over the next three to four years. In addition, we have our current game console business as well.

所以也許我可以給你一些解釋。因此，對於半定制，如果您——只是回顧一下我們過去對半定制設計的評價，我們總共贏得了三個設計，其終身收入約為——我們稱之為 15 億美元或更多。這將在未來三到四年內實現。此外，我們目前還有遊戲機業務。

So when you look at the aggregate of that, we do expect to start ramping that new business in the second half of the year. But we also expect the seasonal uplift of our traditional game console business. So that is adding to what we expect will be a strong year for semi-custom overall.

因此，從整體來看，我們確實預計今年下半年將開始擴大新業務。但我們也預期傳統遊戲機業務將出現季節性成長。因此，我們更加確信今年將是半客製化產業整體表現強勁的一年。

If I can just slip in, the $1.5 billion you said, is that evenly split over the next three to four years or is it ramps towards the end of 2018 or so?

如果我可以插一句的話，您說的 15 億美元是會在未來三到四年內平均分配，還是會在 2018 年底左右增加？

No, it is definitely -- I mean, it takes some time to ramp. So this year will be lower since it is half a year and it is not all the designs. And as we go into the next few years, it will ramp to a steady-state.

不，絕對是——我的意思是，它需要一些時間來提升。因此今年的費用會較低，因為只有半年，而且不是所有的設計。隨著我們進入未來幾年，它將會逐漸達到穩定狀態。

Okay, thank you.

好的，謝謝。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Thanks for taking my questions. First, on the licensing agreement, can you be a little more specific on exactly what you are licensing? You said it was like high-performance CPUs and SoCs. Is this x86? Is it ARM? Is it both? What are the other pieces besides CPUs, potentially, that you are licensing?

感謝您回答我的問題。首先，關於授權協議，您能否更具體地說明您所授權的具體內容？您說它就像高效能 CPU 和 SoC。這是 x86 嗎？是 ARM 嗎？兩者都有嗎？除了 CPU 之外，您可能還授權了哪些其他部件？

The -- what we are licensing is microprocessor technology and system-on-chip technology. So they are technologies, not products. The technologies are applicable to both x86 and ARM. But as you know, most of our investments are in x86.

我們授權的是微處理器技術和系統單晶片技術。所以它們是技術，而不是產品。這些技術適用於 x86 和 ARM。但如你所知，我們的大部分投資都在 x86 上。

And then in terms of other aspects, there are other aspects that are needed to put together system-on-chip. So they include things like fabrics and other IP.

然後就其他方面而言，還需要其他方面來組裝系統單晶片。因此它們包括面料和其他 IP 之類的東西。

So let me ask the question a different way. Will the JV be able to manufacture and sell x86-based server chips into China?

所以讓我換個方式來問這個問題。合資公司能否在中國生產和銷售基於 x86 的伺服器晶片？

Yes. The JV will be able to manufacture and sell x86 server chips.

是的。該合資公司將能夠生產和銷售 x86 伺服器晶片。

Thank you, thank you. I have one more question for you on IP. Is this JV exclusive? Or will you be free to sign other server-based JVs with other parties, both either inside China or outside of China?

謝謝，謝謝。我還有一個關於 IP 的問題想問您。這個合資企業是獨家的嗎？或者您可以自由地與中國境內或境外的其他方簽署其他基於伺服器的合資企業？

It is not an exclusive deal.

這不是一項獨家交易。

Okay. And one more, if I could. Just on your -- sorry, in your current quarter, you launched Bristol Ridge in March. So maybe that led to some of the incremental better-than-market-unit growth. But why were ASPs overall down, given the product refresh that started? And what do you expect for pricing into Q2?

好的。如果可以的話，再多說一句。就在您 — — 抱歉，在您當前季度，您於 3 月推出了 Bristol Ridge。因此，這也許會導致一些增量優於市場的單位成長。但是，既然產品更新已經開始，為什麼平均售價卻整體下降呢？您對第二季的定價有何預期？

Yes, so, if you talk about the Bristol Ridge launch, we did start the launch in March, including -- on the mobile side. And that did contribute to some of the mobile units up. If you look at the overall ASPs, actually mobile ASPs were up. Desktop ASPs were down, and that is why we said overall down. But it was quite modest. So if you look overall, I think the ASP trends are about what we would expect.

是的，所以，如果您談論布里斯托爾嶺的發布，我們確實在三月開始發布，包括移動端。這確實對一些移動單位的成長做出了貢獻。如果你看整體 ASP，實際上移動 ASP 是上漲的。桌面平均售價下降，這就是我們說整體下降的原因。但它相當謙虛。因此，如果從整體來看，我認為 ASP 趨勢符合我們的預期。

Going into the second quarter in general, it depends on the mix and the mix of the product. We are certainly trying to sell further up the stack. But we will have to see how the exact mix comes out. But there is not a dramatic change in ASPs, if that is what you're asking.

總體而言，進入第二季度，這取決於產品的組合和組合。我們當然會盡力提高銷量。但我們也必須觀察具體混合結果如何。但如果您問的是這個的話，ASP 並沒有太大的變化。

Got it. Thank you.

知道了。謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

This is Bill Peterson calling in for Harlan. Thanks for taking the question. A clarification on an earlier question. You said most of the growth is coming from semi-custom and some from graphics.

我是比爾·彼得森，代表哈蘭打電話來。感謝您回答這個問題。對先前的問題作出澄清。您說大部分增長來自半定制，一部分來自圖形。

How much -- is there any channel fill or related Polaris revenue in the second quarter or planned in the second quarter? Or is it really a second-half story?

有多少——第二季或第二季有任何管道填充或相關的 Polaris 收入嗎？還是這真的是一個後半段的故事？

Again, not being specific, because we have not actually announced our launch date, but I would say the majority of Polaris is a second-half story.

再次強調，由於我們實際上還沒有宣布發布日期，所以我不能說得那麼具體，但我想說《北極星》的大部分內容都是後半部分的故事。

Okay, thanks. And then more of a broader question related to PCs obviously becoming less important. But what is AMD's view on the PC market in terms of unit shipments this year? And what is the expectation in terms of AMD's growth in that segment if we think about the full year?

好的，謝謝。然後，與 PC 相關的更廣泛的問題顯然變得不那麼重要了。但 AMD 對今年 PC 市場的出貨量有何看法？如果我們考慮全年的話，AMD 在該領域的成長預期是什麼？

Yes. So again, on the PC market, I think our view of the PC market is very consistent with what's out there, probably down, let's call it, high-single digits. Certainly the first quarter started off a bit weaker than any of us would have liked.

是的。所以，就個人電腦市場而言，我認為我們對個人電腦市場的看法與實際情況非常一致，可能下降，我們稱之為高個位數。毫無疑問，第一季的開局比我們任何人預期的都要弱一些。

I would say, though, that in that environment, we still believe that we can gain share in both the client compute and the graphics side. Really, as we are transitioning to a new product portfolio on the graphics side, so I think that is a strong driver for us.

不過，我想說，在那種環境下，我們仍然相信我們可以在客戶端運算和圖形方面獲得份額。確實，由於我們正在向圖形方面的新產品組合轉型，所以我認為這對我們來說是一個強大的驅動力。

And then on the client compute side, between our product refresh and also our partnership with OEMs. I think in general, OEMs are getting more comfortable using us higher up in the stack, and our A8s, our A10s, our commercial-based processors. So we are continuing to work with OEMs to ensure that we get into the right priority platforms. So that would be our focus, even in a down market.

然後在客戶端計算方面，在我們的產品更新和與 OEM 的合作之間。我認為總體而言，OEM 越來越願意在堆疊中更高層使用我們的產品，以及我們的 A8、A10 和商用處理器。因此，我們將繼續與 OEM 合作，以確保我們進入正確的優先平台。因此，即使在市場低迷的情況下，這也將是我們的重點。

Okay. Thanks for that.

好的。謝謝。

Suji Desilva, Topeka Capital Markets.

Suji Desilva，托皮卡資本市場。

On the arrangement with THATIC, can you talk about what end markets the server product would be specifically targeting? Is it going after government business there, research institutions, or maybe the China Internet companies?

關於與 THATIC 的安排，您能談談伺服器產品具體針對哪些終端市場嗎？它是否針對那裡的政府業務、研究機構，或者可能是中國網路公司？

I think it's fair to say that the market range for the joint venture will be across China, so across all of the markets that you mentioned.

我認為可以公平地說，合資企業的市場範圍將遍及整個中國，也就是您提到的所有市場。

Can you talk about the pipeline for the licensing business you instituted I guess -- announced a couple of quarters ago? You already have a success here. I'm wondering how robust the pipeline might be for further licensing opportunity.

您能否談談您設立的授權業務的管道（我猜是幾個季度前宣布的）？您在這裡已經取得了成功。我想知道這條管道對於進一步的許可機會來說有多強大。

Look, we are thinking about our IP monetization strategy as really a broad strategy that is going to unfold over the next number of years. So I wouldn't say that these things are all going to be immediate.

你看，我們正在考慮將我們的 IP 貨幣化策略視為一項將在未來幾年內展開的廣泛策略。所以我不會說這些事情都會立即發生。

The IP monetization includes patent licensing. It includes sales of certain parts of our patent portfolio that are no longer core to our business, as well as the strategic technology licensing.

IP貨幣化包括專利許可。其中包括出售我們專利組合中不再是我們業務核心的某些部分，以及策略技術授權。

We have a good, solid pipeline. I would say it's -- there are lots of opportunities out there. We are looking for ones that are very additive to our product portfolio and to our roadmap objectives. And I think we will look for the right partners to enable that.

我們擁有良好、穩固的管道。我想說的是──那裡有很多機會。我們正在尋找對我們的產品組合和路線圖目標非常有益的產品。我認為我們會尋找合適的合作夥伴來實現這一目標。

One last quick question; would you be -- would it be possible to tell us how long you had been in discussions with this licensing agreement to understand how long lead times are for them to close?

最後一個快速問題；您能否—可以告訴我們您討論該許可協議多久了，以了解他們達成協議需要多長時間？

It is fair to say that any one of these deals takes awhile. So they are fairly involved to go through. But I think we have a good set of conversations and we certainly believe that there is a lot of value in this IP portfolio that we will continue to leverage.

公平地說，任何一項交易都需要一段時間。所以他們要經歷相當多的困難。但我認為我們已經進行了一系列很好的對話，我們確實相信這個智慧財產權組合具有很大的價值，我們將繼續利用它。

(inaudible) by all means. Thank you.

（聽不清楚）當然可以。謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

This is Sidney Ho calling on behalf of Ross. Thanks for taking my question. So first question is you talked about EESC revenue will be up annually, and I think you talk about the different components.

我是 Sidney Ho，代表 Ross 打電話。感謝您回答我的問題。所以第一個問題是您談到EESC的收入每年都會增加，我認為您談到了不同的組成部分。

Just to be clear, do you expect to game console revenue specifically to be up? And kind of related to that, do you expect the C&G revenue to be up this year as well?

只是想明確一點，您是否預期遊戲機的收入會上升？與此相關的是，您是否預計今年 C&G 的收入也會上升？

Again, I would like to keep it at the segment level. And at the segment level, we expect both segments to be up -- to contribute to our overall guidance of revenue being up. As it relates to our EESC business, the majority of the EESC business is semi-custom, so semi-custom would have to be up year over year. And then I think that is about as specific as I would like to get.

再次強調，我希望將其保持在細分層面。在分部層面，我們預期兩個分部的營收都會上升－這將有助於我們實現整體營收成長預期。就我們的 EESC 業務而言，EESC 業務的大部分都是半客製化的，因此半客製化業務必須逐年增加。然後我認為這就是我想要得到的具體資訊。

Okay, great. And my follow-up question is on the discrete GPU market. Your competitor has grown very nicely by, what, 35% in the last two years. Clearly, some of that is coming from share gains.

好的，太好了。我的後續問題是關於獨立 GPU 市場。您的競爭對手在過去兩年中成長非常快，成長了 35%。顯然，其中一部分來自於股價上漲。

What do you think -- I mean, you guys have also gained share in Q1, seems like. What do you think the graphics market itself is growing on a normalized basis? And it wasn't that long ago you guys were like 50% share in discrete graphics.

您覺得怎麼樣？我的意思是，你們在第一季的市佔率似乎也增加了。您認為圖形市場本身在正常基礎上如何成長？不久之前，你們在獨立顯示卡市場的市佔率還達到 50%。

But with the traction you are seeing right now and with Polaris right around the corner, how quickly do you think you can regain share? And which segment do you think has the biggest opportunities?

但是，鑑於您現在看到的牽引力以及 Polaris 即將到來，您認為您能多快重新獲得市場份額？您認為哪個領域擁有最大的機會？

I think the graphics business is very strategic to us, and I think it is not just a unit story. It is really also the mix going to higher-end graphics, driven by VR and driven by AAA gaming, and all the things going on there.

我認為圖形業務對我們來說非常具有戰略意義，而且我認為它不僅僅是一個單位故事。這實際上也是向更高端圖形的混合，由 VR 和 AAA 遊戲驅動，以及在那裡發生的所有事情。

As it relates our share, I will say that we certainly have aspirations to regain shares to our historic levels. It will take us some period of time, so it will happen over multiple number of quarters. We are optimistic about the second half of the year and we think Polaris is positioned well. We are particularly positioning in some of the mainstream segments that are higher volume, so would drive share growth faster. And we will have to see how that plays out in the second half of the year.

因為它關係到我們的份額，我想說我們當然有志於將份額恢復到歷史水平。這將需要一段時間，所以它將在多個季度內發生。我們對下半年持樂觀態度，我們認為 Polaris 的定位很好。我們特別定位於一些銷量較高的主流領域，因此可以更快地推動份額成長。我們將拭目以待下半年情況將如何發展。

Great, thanks.

太好了，謝謝。

Christopher Danely, Citigroup.

花旗集團的克里斯多福‧丹尼利 (Christopher Danely)。

This is Marco speaking on behalf of Chris Danely. In light of your IP licensing agreement with THATIC, can you just kind of talk about your expectations for the China server market in 2016/2017? And if are there any longer-term milestones?

我是馬可，代表克里斯·丹利發言。鑑於您與THATIC達成的IP授權協議，您能否談談對2016/2017年中國伺服器市場的預期？是否有任何長期里程碑？

Yes, so with regard to our China JV with THATIC, we are -- we're starting the development phase in 2016, so I would say that we view this as a longer-term opportunity for us. But overall, I think all of the trends in the data center market are certainly positive. We believe we can participant in those trends with both the AMD products as well as the JV products.

是的，關於我們與 THATIC 在中國的合資企業，我們將於 2016 年開始開發階段，所以我想說，我們認為這是一個長期機會。但總體而言，我認為資料中心市場的所有趨勢肯定都是正面的。我們相信，我們可以透過 AMD 產品和合資產品參與這些趨勢。

Thank you. And then my follow-up -- regarding your days of inventory, it looks like this quarter is about 110 days. Why is it so high? And if you -- if there's any worries.

謝謝。然後我的後續問題——關於您的庫存天數，看起來本季的庫存天數約為 110 天。為什麼這麼高？如果您有任何擔憂。

I think if you look at it from a days standpoint, essentially we have managed the inventory pretty well. It is up slightly in Q1, but we also guided the revenue up pretty significantly from where we ended in Q1. And we have also said the second half of the year, we are expecting strength over first half, and obviously that leads to higher inventory.

我認為，如果從時間角度來看，我們基本上已經很好地管理了庫存。第一季的收入略有上升，但我們預計收入也將較第一季末的水平大幅上升。我們也說過，我們預計下半年的業績將比上半年更加強勁，這顯然會導致庫存增加。

So Q1 to Q2, up slightly; revenues up. And then we expect second half to be stronger than the first half.

因此第一季至第二季略有上升；營收增加。我們預計下半年將比上半年表現強勁。

Thank you very much.

非常感謝。

Kevin Cassidy, Stifel.

凱文·卡西迪（Kevin Cassidy），Stifel。

Thank you for taking my question. On the licensing and JV, are there opportunities -- would you consider the mobile market or the desktop market?

感謝您回答我的問題。在授權和合資方面，是否存在機會—您會考慮行動市場還是桌面市場？

When you say the -- you mean mobile PCs or mobile other?

當您說—您是指行動電腦還是行動裝置？

Yes, notebook -- just mobile PCs.

是的，筆記型電腦——只是行動電腦。

I see. Look, I think as it relates to the overall licensing strategy, I think we are open to licensing that makes sense. And so strategically placed with the right market, with the right market drivers, I don't think we have anything that is necessarily off-limits.

我懂了。看起來，我認為就整體許可策略而言，我們願意接受合理的許可。因此，從策略上來說，在正確的市場、正確的市場驅動力下，我認為我們不會有任何東西是禁止的。

I will say that it does need to be strategic and additive to our product business. Our first priority is the product business, and the IP monetization efforts is an overlay on top of that.

我想說的是，它確實需要具有策略性，並且對我們的產品業務具有附加作用。我們的首要任務是產品業務，而 IP 貨幣化工作是在此基礎上的覆蓋。

Okay? And what is the time frame for the JV? I guess does this license go on through the life of the patent?

好的？合資公司的時間表是怎麼樣的？我猜這個許可證是否會在專利有效期內持續有效？

It is for a number of years through the product development and sales cycle.

該產品的開發和銷售週期長達數年。

Okay, nothing specific right now?

好的，現在沒有什麼具體的事情嗎？

Nothing specific right now.

目前沒有什麼具體的事情。

Thank you.

謝謝。

Vijay Rakesh, Mizuho Securities.

瑞穗證券的 Vijay Rakesh。

Just on this licensing agreement, obviously when you license it to China, do you think they have the manufacturing or process experience to go into production with this? And what is the timeline to get commercial products in the market with this licensing agreement?

就這項許可協議而言，顯然當您將其授權給中國時，您是否認為他們擁有投入生產的製造或工藝經驗？那麼，根據該許可協議，商業產品上市的時間表是怎樣的呢？

We are not talking about sort of the details of the product timelines just yet. We would like to really get the JV off and running before we disclose those details. And those will be disposed as part of the joint venture.

我們現在還沒有討論產品時間表的細節。在披露這些細節之前，我們希望合資企業能夠真正啟動並運行。這些將作為合資企業的一部分進行處置。

As it relates to manufacturing, I think there might be interest in manufacturing in China, although that is certainly not a condition of the deal.

就製造業而言，我認為人們可能對在中國進行製造業感興趣，儘管這肯定不是交易的條件。

Got it. And as you look at this semi-custom ramp, the 15% to 18%, very encouraging. How do you split it up between gaming and the new VR strategy, VR market? Obviously, VR seems to be a huge market as you look out. Thanks.

知道了。當你看到這個半客製化坡道時，15%到18%的增幅非常令人鼓舞。您如何劃分遊戲和新的 VR 策略、VR 市場？顯然，如果你仔細觀察，你會發現 VR 似乎是一個龐大的市場。謝謝。

Yes, I think the way to think about it is for the near term, I think the semi-custom business and gaming is probably the larger driver. We believe VR is a strategic area where you will see more pickup over the next number of quarters and over the next years. But it is not the near-term driver.

是的，我認為從短期來看，半客製化業務和遊戲可能是更大的驅動力。我們相信 VR 是一個策略領域，在接下來的幾個季度甚至幾年中，您將會看到該領域的更多成長。但它不是短期的驅動因素。

Got it, thanks.

明白了，謝謝。

John Pitzer, Credit Suisse.

瑞士信貸的約翰‧皮策。

Lisa, I guess my first question -- when you look at your full-year guide for revenue to grow, I am kind of curious to what extent is that based upon sort of market forecast versus market share gains.

麗莎，我想我的第一個問題是——當您查看全年收入成長指南時，我有點好奇這在多大程度上是基於市場預測還是市場份額的成長。

I know you don't want to get into division by division, but maybe at a high level, as you look at your year-over-year growth, how do you differentiate between what the market is doing and kind of the market share gains that you need to get to that year-over-year growth?

我知道您不想逐個部門地討論，但也許從高層次來看，當您查看同比增長時，您如何區分市場表現和實現同比增長所需的市場份額增長？

Yes, that is a fair question. So let me break it up into the two segments. When you look at the EESC segment and especially semi-custom, that is less about a general market and more about what we see in terms of the customer forecasts, and what they are seeing the market to be. So I think those are, let's call it, fairly well understood by us, and we are very interlocked with our customers.

是的，這是一個公平的問題。因此，讓我將其分為兩個部分。當您查看 EESC 部分，特別是半客製化部分時，它與一般市場關係不大，而與我們從客戶預測的角度所看到的情況以及他們對市場的看法有關。所以我認為，我們非常了解這些，我們與客戶緊密相連。

When you talk about the computing and graphics market, I think that is where you get a little bit more of how much uncertainty is there with the PC market trends. There is no question that the PC market is weaker than any of us would like.

當您談論計算和圖形市場時，我認為這會讓您更多地了解 PC 市場趨勢存在多少不確定性。毫無疑問，個人電腦市場比我們任何人想像的都要疲軟。

I think from our standpoint, though, if you remember the last few quarters and how many times we've talked about inventory normalization and ensuring that we got ourselves into a healthy position relative to our OEM and channel customers, I think we feel that we've done a good job there. And we are now in a place where the consumption is more in line with the selling.

不過，我認為從我們的角度來看，如果您還記得過去幾個季度以及我們多少次談論庫存正常化並確保我們相對於 OEM 和渠道客戶處於健康地位，我認為我們覺得我們在這方面做得很好。現在我們處於消費與銷售更一致的狀態。

So we believe that even in this market, there is enough opportunity for us to gain share, and obviously we have to prove that out over the next couple of quarters. But just given where our business is, where we see the products, and where we see the design wins, that is how we see the market right now.

因此，我們相信，即使在這個市場中，我們也有足夠的機會獲得份額，顯然我們必須在接下來的幾個季度中證明這一點。但考慮到我們的業務所在、我們看到的產品所在以及我們看到的設計獲勝之處，這就是我們目前對市場的看法。

And then Lisa, I apologize if you addressed this, but just going back to the JV in China, I am just kind of curious. The IP licensing gains you expected this year, are there any milestones that you need to hit to get that? And as we think about 2017, if you hit the milestones in 2017, would we expect licensing to grow year over year from the JV?

然後麗莎，如果你提到了這一點，我很抱歉，但回到中國的合資企業，我只是有點好奇。您預計今年的 IP 授權收益將會增加，為了實現這一目標，您需要達到哪些里程碑？當我們考慮 2017 年時，如果在 2017 年實現了里程碑，我們是否預期合資企業的授權量會逐年成長？

And then lastly on the JV, just given that you guys have the opportunity to go into China today and sell your own product, I am just curious how we should think about $100 of server product in the JV and what that means to you from an economic standpoint versus you just going into China today and selling $100 worth of server product as AMD.

最後，關於合資企業，鑑於你們今天有機會進入中國並銷售自己的產品，我只是好奇我們應該如何看待合資企業中價值 100 美元的伺服器產品，以及從經濟角度來看這對你們意味著什麼，而不是你們今天以 AMD 的名義進入中國並銷售價值 100 美元的伺服器產品。

Yes, no, good question. So look, on the JV licensing payments, we will expect about half of the licensing revenue to come over the next two years, so over 2016 and 2017. Our current forecast for 2016 was that $50-ish million that Devinder mentioned, and it is contingent on several milestones that we believe are on track.

是的，不，好問題。因此，就合資許可付款而言，我們預計約一半的授權收入將在未來兩年內實現，即 2016 年和 2017 年。我們目前對 2016 年的預測是 Devinder 提到的 5,000 萬美元左右，這取決於我們認為正在實現的幾個里程碑。

To your broader question about why do a JV versus just selling right into servers? We are very cognizant of where our share is in servers. So I believe we have the technology to get there and we will continue to make progress.

對於您更廣泛的問題，為什麼要建立合資企業而不是直接銷售伺服器？我們非常清楚我們在伺服器中的份額在哪裡。所以我相信我們擁有實現這一目標的技術，並且我們將繼續取得進步。

But given the importance of China and the fact that having a partner who is very much familiar with both the Chinese market from a customer as well as just a technology standpoint I think can only be additive. And there is more than enough server market to go after, given where we are. So I think it's an additive deal to our baseline strategy.

但考慮到中國的重要性，以及擁有一個從客戶和技術角度都非常熟悉中國市場的合作夥伴，我認為只能起到加分作用。考慮到我們目前的狀況，伺服器市場還有足夠的空間可供爭奪。所以我認為這是對我們的基本策略的附加交易。

Thanks, guys.

謝謝大家。

Deepon Nag, Macquarie.

麥格理的 Deepon Nag。

Lisa, for the semi-custom wins that you are going to get in the back half of the year, are those going to be purely incremental to existing products? Or is there any risk of cannibalization to existing products?

麗莎，對於您將在今年下半年獲得的半客製化勝利，這些勝利是否會對現有產品產生純粹的增量作用？或是是否有對現有產品造成蠶食的風險？

I don't believe that we have gone through any detail about what those wins are, so I would prefer to let that come out as our customers are ready to launch.

我認為我們還沒有詳細討論過這些勝利是什麼，所以我希望在我們的客戶準備推出產品時再公佈。

Okay, thanks for that. And then on the game console side, so clearly VR is going to be a pretty big deal in Q4 with so many PS4 VR. And there has been some chatter about obviously maybe a thatcher refresh for some of the game consuls.

好的，謝謝。然後在遊戲機方面，隨著大量 PS4 VR 的出現，VR 顯然將在第四季度成為一個大熱點。顯然，有人在談論可能要對一些遊戲領事進行革新。

Because the value of graphics is becoming higher in these game consoles, is there any potential for you to get higher content, and more specifically higher margins in future console refreshes? And is there also any ability to renegotiate terms if -- because of the value of your IP is getting more valuable inside these consoles?

由於這些遊戲機的圖形價值越來越高，是否有可能在未來的遊戲機更新中獲得更高的內容，更具體地說是更高的利潤率？如果您的 IP 價值在這些控制台中變得越來越有價值，那麼是否還可以重新協商條款？

Let me take that in several pieces. Relative to our current game consoles, those deals were well negotiated at the beginning, and I don't think we will be renegotiating. I think the ASPs and all that stuff are also well understood.

讓我把這個問題分成幾個部分來討論。相對於我們目前的遊戲機，這些交易一開始就談判得很好，我認為我們不會重新談判。我認為 ASP 和所有這些東西也都被很好地理解了。

Relative to what VR brings -- and again, not being specific to any particular customer because there is just a lot of speculation out there in the industry -- I will say that VR is very exciting, not just for game consoles, but for PC gaming, for the headset guys, for the ecosystem. So yes, we believe that graphics becomes much more valuable in this framework, and we will be looking for how to leverage and monetize that across both our semi-custom business as well as our discrete graphics and APU businesses.

相對於 VR 帶來的影響——再次強調，我不會針對任何特定客戶，因為業內存在很多猜測——我會說 VR 非常令人興奮，不僅對於遊戲機而言，對於 PC 遊戲、對於耳機廠商、對於生態系統而言都是如此。所以是的，我們相信圖形在這個框架中變得更有價值，我們將尋找如何在我們的半客製化業務以及我們的獨立圖形和 APU 業務中利用和貨幣化它。

Just one quick clarification, if I could squeeze it in. So if -- for any future console refreshes, though, you do have the ability to reset ASP trends? Or is it already pre-negotiated in your initial contracts?

如果可以的話，我只想簡單澄清一下。那麼，如果—對於任何未來的控制台更新，您是否有能力重置 ASP 趨勢？或者它已經在你們最初的合約中預先協商好了？

I think if anybody were to do a different console or a new console, then that would be a new negotiation. But for the current generation consoles, those terms are locked.

我認為如果有人要製作不同的控制台或新的控制台，那麼這將是一場新的談判。但對於當前一代遊戲機來說，這些條款是鎖定的。

Okay, great. Thanks a lot.

好的，太好了。多謝。

Jaguar Bajwa, Arete Research.

捷豹 Bajwa，Arete Research。

Thanks for taking the question. Just on the Polaris launch in midyear, you talked about attacking the mainstream segment of the GPU market. I just wonder when you look at potential share gains in the second half, do you expect that to come more from the discrete desktop side in the AIB channel or the notebook space where you have a relatively higher share, market share?

感謝您回答這個問題。就在年中推出 Polaris 時，您談到了進軍 GPU 市場的主流部分。我只是想知道，當您展望下半年的潛在份額增長時，您是否預計這一增長將更多地來自 AIB 渠道中的獨立台式機端，還是來自您擁有相對較高市場份額的筆記本電腦領域？

And given your ASPs in that space, roughly in the discrete desktop spaces, I think you've got about a third of the ASP of your competitor. Just wondering on the trend of that and how you see that over the second half of the year.

考慮到你們在該領域的平均售價，大致在離散桌面領域，我認為你們的 ASP 大約是競爭對手的三分之一。我只是想知道這個趨勢如何以及您如何看待今年下半年的趨勢。

Yes, so we believe that we have a share gain opportunity in both mobile and desktop/AIB as we look at Polaris and how it will launch in the second half of the year. Relative to the ASP trends, I think that depends a bit on the mix of the business. So I think I will defer that to how things look.

是的，因此我們相信，當我們關注 Polaris 及其在下半年的推出情況時，我們在行動和桌面/AIB 方面都有機會獲得份額。相對於 ASP 趨勢，我認為這有點取決於業務組合。所以我想我會根據事情的進展來決定。

But from a macro standpoint, we believe we can get a larger share -- a larger revenue share in discrete graphics. But we will certainly have to look at how the individual quarters shape up.

但從宏觀角度來看，我們相信我們可以獲得更大的份額——獨立顯示卡的更大收入份額。但我們當然必須觀察各季度的具體情況。

Okay. And then also, on the -- given your IP licensing deal in China, I am just wondering on the acceleration side for GPU, do you see opportunity there potentially with that deal?

好的。另外，考慮到您在中國的 IP 授權協議，我只是想知道在 GPU 加速方面，您是否認為該交易可能帶來機會？

And also just in a more general sense, we hear a lot about acceleration with GPU. Can you just talk about how you're approaching that acceleration in general? Will Polaris be suited to that? Or will we have to wait for Vega to come out later in the year? And how do you differentiate versus your competitors?

而且從更普遍的意義上講，我們聽到很多關於 GPU 加速的說法。您能否談談您整體上如何實現這一加速？Polaris 適合這種情況嗎？或者我們必須等到今年晚些時候 Vega 上市？您與競爭對手有何不同？

In terms of your first question on GPU acceleration, so the JV that we announced with THATIC is focused on microprocessor technologies only, so it does not cover graphics.

關於您關於 GPU 加速的第一個問題，我們與 THATIC 宣布的合資企業僅專注於微處理器技術，因此不涉及圖形。

And then to your comment about graphics acceleration or just in general becoming more important and a growth driver, we would agree with that. I think going forward, you will see a bit more focus from us in that area. We have launched some new professional graphics products recently.

然後對於您關於圖形加速或總體上變得更加重要和成為增長動力的評論，我們同意這一點。我認為，展望未來，你會看到我們在該領域更加關注。我們最近推出了一些新的專業圖形產品。

We will -- we've also introduced this new software initiative called GPUOpen that really focuses on building an open ecosystem around the graphics area, both in compute and gaming. So we do believe it is a good opportunity and it'll be an area that we will invest more.

我們還推出了一項名為 GPUOpen 的新軟體計劃，該計劃真正致力於在計算和遊戲領域的圖形領域構建一個開放的生態系統。因此，我們確實相信這是一個很好的機會，我們將在這個領域投入更多資金。

Great, thanks very much.

太好了，非常感謝。

Operator, that concludes today's call. If you would like to wrap it up, please. Thank you.

接線員，今天的通話到此結束。如果您想結束的話，請。謝謝。

That concludes today's teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

今天的電話會議到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。